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December 20, 2022

Yes, 2023 Will Still be a Good Time to Sell Your House in Virginia

Deciding whether you should sell your home or wait always deserves careful attention. There are a number of factors that influence this decision – some are in your control and others are not. For example, people are motivated to sell their homes when they know they can get a good offer, which is driven by high demand and low inventory. 

But even if the market is in favor of buyers, you may still have no choice but to sell due to a new job or family illness. In this case, you’ll want to research your options and sell your property in the most convenient and economical way, whether it’s listing with an agent, selling on your own or working with a cash buyer in Virginia

The good news is that no matter what you are facing in 2023, it will still be a good time to sell. There are predictions for a housing crash and economic recession, but people are still upsizing, downsizing and relocating. Here are three good reasons why 2023 will be a good time to sell. 

Demand Far Exceeds Supply 

In October, there were over 25,000 homes available in Virginia, down 24 percent year over year. This means that there are still less homes on the market compared to other years. There are also plenty of buyers looking for homes to buy, so if you have a desirable property, you should have no trouble selling it. You may even get several bids, driving up the price! 

However, if your house is not in the best condition, you could have trouble selling it. Even though there are more buyers than houses, people still prefer homes in good condition. A property that requires extensive repairs and updates will have to be sold at a deeply discounted price. In this case, you’re probably better off selling to a cash investor.

Interest Rates are Still Low

Yes, interest rates are still much higher than what we’ve seen in recent years, but they are still lower than the 7.76 percent average. Rates for a 30-year fixed mortgage are around 6 percent, and slightly less for a 15-year fixed rate. While these interest rates have pushed some people out of the housing market, they are not high enough to keep serious buyers out. 

Not to mention, there’s a possibility that interest rates can continue climbing. In 1981, for example, interest rates were a whopping 16.63 percent, according to Freddie Mac data. For those who are looking to buy, today’s interest rates are still reasonable. 

Appreciation is Still Growing 

The first quarter of 2022 brought double-digit appreciation to home values. While the rate of appreciation is expected to slow at the end of the year and into 2023, it’s not expected to reverse, and that’s a good thing. This means that you can sell your house in Virginia for more money, and walk away with more in your pocket even after paying all your fees! 

Of course, if you want to avoid paying realtor commissions, listing fees, staging costs, etc., you can sell your house for cash! There are absolutely no fees associated with this type of sale, which means you get to keep your full cash offer! 

These are three great reasons why selling your house in 2023 will still be worthwhile. The market may not be as competitive as it was earlier this year, but that doesn’t mean it’s not a good time to sell. The key is choosing the best method to sell and finding the right buyer. Fortunately, you can do both with 4 Brothers Buy Houses. Request your free cash offer today! 

November 15, 2022

Could Washington D.C. Be on the Brink of Another Housing Market Crash?

The housing market is looking very different today than it did a few months ago. Earlier in the spring, Washington D.C.’s housing market was ‘supercharged.’ Housing inventory was low and interest rates were competitive, hovering between 3 and 4 percent during the months of March and April. Fast forward to November, and the current interest rates in D.C. are 7.3 percent for a 30-year fixed and 6.47 percent for a 15-year fixed.

With the market changing quickly, some experts predict a housing market crash that’s worse than 2008! Could this be possible, or is this just unnecessary hype? Let’s explore the facts we have now and your options for selling if you need to sell fast in D.C.

Could We Be on the Brink of Another Housing Market Crash? 

In a matter of months, the pandemic housing boom has turned into a bust. Some reports even show that home prices are falling faster than they did during the start of the 2008 financial crisis. According to an article in Seeking Alpha, here are some of the things we know today:

  • The number of privately-owned housing units under construction is at an all-time high of 1.7 million. However, the prices on these homes continue to decrease. Prices are falling as much as 4 percent in some areas!

  • With so many houses being built, experts wonder who is going to buy all of these properties at a 7.3 percent interest rate. With the current prices, these properties are already out of reach, which means they need another price cut.

  • Housing demand is much less than what it was, and the supply of homes is about to soar. Real-time housing prices are falling faster than in 2008.

  • One of the best indicators of future sales is the number of mortgage applications coming in, and even these are down 42 percent from last year.

  • Experts say the Feds waited too long to hike rates during the housing boom and now need to lower home prices, especially with over 1 million new properties about to hit the market. This exceeds 2006 numbers.

Knowing all of this information and looking back to the 2008 housing market crash, it’s possible that another crash is in our future. However, it’s hard to say what it will look like and how it will compare to 2008.

I Need to Sell My House in Washington D.C. What Should I Do? 

If you have a property to sell in D.C., you’re probably wondering what options you have. You can always try to sell your home with a realtor and see what happens. You might get several offers, or you might get none. It all depends on where your home is located, its condition, its price and other factors.

If your property needs some TLC, you’ll either have to invest the money to fix it up or sell it as-is. With new properties coming onto the market and increasing interest rates, most buyers aren’t looking for a fixer upper. For the money they’re going to pay, they want something new and nice.

4 Brothers Buy Houses is a Washington D.C. home buying company. We offer many benefits to the home selling process, including:

  • We’ll buy your house as-is. Don’t worry about having to make improvements, repairs, updates, etc. We’ll take your house in the exact condition it’s in. Save this money for your new home/rental!

  • We’ll offer you a fair price. We want the deal to work in both our favors. That’s why we will present you with a fair cash offer that you get to keep, as there are ZERO commissions or fees.

  • We’ll close in two weeks. Because our buyers pay in cash, there are no banks to wait on. We can typically close in about two weeks, and we pick up most closing costs.

If you have a property to sell and you don’t want to wait for the market to change in your favor, consider selling it for cash! Get in touch with 4 Brothers Buy Houses to see what we’ll pay for your house. Selling today can help you avoid the potential crash and get more for your property!

September 25, 2022

Fall 2022 Housing Market Trends in Washington DC

Whether you’re planning to buy or sell a house in Washington DC, it’s helpful to know the trends and what you can expect from the housing market. This will help you prepare accordingly while also developing realistic expectations for the process ahead. 

If you haven’t been following the trends, you might be surprised to learn that the housing market has changed dramatically since the start of the year. Below is everything you need to know about the housing market trends for Washington DC this fall and winter. 

What is the Washington DC Housing Market Like Today? 

According to Redfin data, Washington DC home prices have gone down 1.5 percent since last year, selling for a median price of $650K. On average, homes in the DC area are selling in about 37 days, compared to 32 days last year. Also, 710 homes were sold in August this year, compared to 895 last year. 

The Washington DC housing market is still competitive. Some properties are still seeing multiple offers, and hot homes on Redfin sell for about 1 percent above the listing price and go pending in about 13 days. So, if you have a move-in ready home in a great area, you should have no problem selling your property. 

Nevertheless, the housing market in DC is slowing down. As we head into the fall months, we’re already seeing prices drop and homes sitting on the market longer. Buyers have more choices, and this is giving them more leverage, too. 

Are People Still Looking for Homes in DC? 

Home sales have slowed, but buyers are still looking. Through the first eight months of 2022, the number of home sales fell by 17.3 percent from the same time a year ago. While this number may sound significant, keep in mind that the 2021 housing market was historically busy. 

This article also points out that people are starting to look at close-in communities again, which was different from the start of the pandemic. At this time, there was more buyer interest in areas on the outskirts because people were working and attending school from home. But now that things are returning to normal, there’s an increased demand for homes in the District and closer-in suburban markets. 

What’s Ahead for DC Buyers and Sellers 

Buyers will be happy to know that the changing market conditions will leave them with more leverage and more options. House prices and interest rates might still be higher than usual, but buyers won’t be forced to make offers unseen. They’ll also have more time to get inspections, appraisals and even a home sale contingency. 

Sellers will definitely have to be more willing to work with buyers and possibly even adjust their price expectations. They may also be waiting longer to sell their homes, especially if they need to address problems that turn up during the inspection. But, this doesn’t mean that they won’t be able to find a buyer. 

Why Selling for Cash Might be Best 

If you want to sell your Washington DC house fast but missed the mark, you can still walk away with a strong offer when you sell your house for cash. The best part about this opportunity is that you can sell your house in its current condition, meaning you’re not responsible for repairs, maintenance or upgrades. For a house that needs a lot of work, this is a great alternative! 

To get your free cash offer from 4 Brothers Buy Houses, contact our team of cash buyers in Washington DC today. 

September 1, 2022

Why Does the Maryland Housing Market Slow Down in the Fall?

The housing market in Maryland has slowed significantly over the last couple of months due to many factors, including rising house prices, increasing interest rates and low inventory. In July 2022, home prices in Maryland were up 5.4 percent compared to last year, selling for a median price of $407,800.

Currently, Maryland is a neutral market, which means it’s not a seller’s market or a buyer’s market. This is actually good news, considering that many areas are starting to see things shift toward the buyer. And, with limited inventory in the state, it’s possible that prices will go up even further. 

But there’s another thing that’s slowing down the market, and that’s the fall season. Historically, autumn is when the housing market cools off. Let’s learn why this is the case and why selling your Maryland property now might be the best fit. 

The Kids are Back in School 

The spring and summer are popular times to buy a home because the kids are either out of school or almost done with school. Families prefer not to change schools in the middle of the year, so they start looking at homes in the spring, with the goal to close sometime in the summer. This way, they can move their family into their new home and have time to settle in before the new school year starts. 

There’s Less Flex Time 

Another perk to buying a MD home in the summer is that people tend to have more flexible schedules. They’re more likely to take time off in the summer for vacations and family time. And some employees are naturally off in the summers, like teachers! With more free time in their schedules, prospective buyers have an easier time making it to showings and working with a realtor. 

The Weather is Not as Nice 

Maryland gets cold, rainy and snowy in the fall and winter, which means it’s not an ideal time to move. Summer may be hot, but there’s a far less chance of rain or snow during this time of year. Not to mention, the spring and summer are growing seasons, when trees and flowers are at their peak. This can help buyers see the best in their potential new neighborhoods. 

Harder to See the Neighborhood in Action 

More people are out in the spring and summer. Neighbors are working in their yards, kids are out riding bikes and families are walking their dogs. This makes it easier for prospective buyers to meet their new neighbors and get a feel for the community. Once fall hits and school is back in session, there are far less people out and about. 

Selling Your MD House in the Fall 

If you missed the mark and want to sell your house before winter hits, now is a great time to do so! It’s hard to know what the market will be like in a few months, and you can get a good price for your MD property today. 

4 Brothers Buy Houses will pay cash for your property. With our house buying services, you can eliminate an appraisal, inspection and home improvements. We buy properties as-is, and we take care of most closing costs. And, there are NO commissions or fees! Contact us today for your FREE cash offer

August 28, 2022

Arlington VA Housing Market Slowing Due to Economy

You may have noticed that the housing market in Arlington, Virginia is slowing down. A recent article reported that Virginia’s housing market is seeing the sharpest drop in sales since the beginning of the pandemic. Housing prices keep rising, however, because inventory is low. 

Being a buyer in today’s market isn’t easy. Interest rates are high, housing prices are high and there isn’t much inventory to choose from. Consider that in June 2021, nearly 17,000 homes in Virginia were sold. In June 2022, that number sat at just over 13,000. The Virginia Association of Realtors said this is the biggest drop since the pandemic. 

If you have a property to sell, you might be wondering if you should bite the bullet and list it now or wait. While only you can make this decision, it is important to weigh all of your options because the VA housing market is changing. By next year, you may have a limited buyer pool and a more difficult time selling your house. 

How Does the Economy Affect the Housing Market?

Home sales are directly tied to the economy’s health. As the economy rises and falls, so does the housing market. As the economy slows, the supply of money tends to become more restrictive. As money becomes harder to borrow, fewer buyers enter the housing market. 

Currently, we are starting to see this happen. Inflation, housing prices and mortgage rates are high, putting many people out of the market. Unfortunately, this could cause home sales to dry up. This is a concern, especially as more experts are predicting another recession within the next 18 months. 

Why Now is a Great Time to Sell Your Arlington, VA House 

If you have a property in Arlington to sell, now might be the best time to move forward. 4 Brothers Buy Houses purchases undesirable or distressed properties. We pay cash and take houses in any condition. Because we do not use bank financing, we can typically close in about two weeks. 

Also, our cash buyers purchase properties in their current condition, which means you will not be required to make any improvements or repairs. You can even leave your belongings in the house, which is great if you’re hoping to sell a rental or investment property. 

By selling to our cash buyers in Arlington, VA today, you can take advantage of a still-desirable housing market and erase the worry of inspections, appraisals, showings, realtor commissions and closing costs. Get in touch with 4 Brothers Buy Houses to get a free cash offer on your property. There is no obligation to continue, so see what our cash buyers have to offer you today!

March 5, 2022

Everything You Need to Know About a Comparative Market Analysis

If you plan on selling your Temple Hills property soon, you’ve probably thought about how much you can sell it for. While you can use online home value estimators like Zillow or Redfin, most of these tools aren’t completely accurate. They’re a good starting point, but they’re not final.

So what is the best way to determine how much your home is worth? By conducting a Comparative Market Analysis or CMA. 

What is a Comparative Market Analysis? 

A CMA is a method that determines your home’s value based on what other homes in the area have sold for. It’s used by real estate agents to assess what a home is worth. To create a CMA, realtors find comparable properties (comps) in the area and compare them to your property. 

For example, you’re not going to compare your 4-bedroom, 2-bathroom house in Temple Hills to a 3-bedroom, 1-bathroom house in Harlow Heights. Instead, you’re going to compare your home to similar properties. Some of the features to look for include when the home was sold, how close in proximity it is and what features both properties have. 

How Can You Get a Comparative Market Analysis? 

While realtors usually provide a CMA for free, you can also do one on your own, or you can purchase a report online. The accuracy of the CMA relies heavily on the comps you choose. Different comps will give you different results. That’s why it’s very important that you pick properties that are very similar to yours, and look at things objectively. 

If you plan on doing your own CMA, here are the steps to follow. 

Make a list of your property’s features. 

Start by identifying your home’s features such as its: 

  • Location 
  • School district 
  • Number of bedrooms
  • Number of bathrooms
  • Square footage 
  • Year built 
  • Lot size
  • Specific features (3-car garage, swimming pool)

Assess your neighborhood. 

Where your home is located plays a major role in its value. Properties that have good school districts and close proximity to shopping tend to have a higher value than those located near power lines or train tracks.

Evaluate your home’s condition.

Take note of upgrades you’ve made to your Temple Hills house, as well as things that may need to be updated in the near future. Consider both the interior and exterior of the property. 

Gather comparable properties. 

With the proper information in tow, you can start gathering comparable properties in your area. You can use a tool like Trulia or Redfin to find these results. Use the filter of “recently sold” to identify comps in your area. The homes you compare yours to should have the same: 

  • Number of bedrooms and bathrooms
  • Number of stories 
  • Square footage (or similar) 
  • Location (within a quarter mile from your property) 
  • Features and upgrades (or similar) 
  • Zip code and school district 
  • Built around the same time 

Calculate the price. 

Most realtors will compare your property to three others, but you can do more if you’d like. The more, the better. Calculate each comps’ price per square foot (divide sales price by square footage). Then determine the average price per square foot for all the comps. Multiply this number by your property’s square footage. 

All in all, a CMA is a helpful tool that will help you determine how much your home is worth. You can then decide how you want to sell your home – with a realtor, on your own or with a home buying company like 4 Brothers Buy Houses. We offer competitive cash offers on all properties throughout Maryland. Call to get your FREE cash offer on your Temple Hills house! 

June 30, 2020

How To Make Sure Your Property Stands Out Online

If you want to sell your property relatively quickly, you need to have a presence online. The COVID-19 crisis just increased the importance of having online listings since fewer people can conduct in-person showings. Just having an online listing in and of itself isn’t enough. You need to make sure that you are having professional photos, be detailed about your listing, and use social media effectively. Here is how you can make sure that your property gets the online recognition that you deserve. Let’s get started:

Make Sure You Have Professional Photos

When you are selling your property online, you need to make sure that you have clear, professional photos. These have to be attractive photos that intrigue potential buyers. Make sure that you have good lighting in each of the rooms, or that there is enough natural light to make things work. You also want to make sure that the rooms aren’t empty. Having furniture in the shot makes the home look more friendly. Having dimly lit photos, or photos from an inferior camera, can make it that much harder to sell your property. 

Use Social Media Effectively 

Today, millennials are the biggest new entrant into the real estate market. And this demographic is increasingly finding information about what they want to buy on social media. Everything from clothes, vacation packages, and yes, real estate. You need to make sure that you are using social media effectively so that you are getting your property in front of the eyes of prospective buyers. You may want to work with a social media marketing firm who has experience in this arena. 

Be Detailed

If someone is interested in your property, they’ll want to get more details in the listing. Even if you have great looking photos, if you don’t have detailed copy, then people may lose interest. Take the time to tell interested parties about when the home was built. Highlight its strengths, like a kitchen or bathroom remodel. Highlight the strengths of the community, such as the schools or the local entertainment. 

There are some homeowners who don’t want to go through the hassle of completing an online listing or writing up a detailed description for their property. If you fall into that camp, you can still sell your home. Just give 4 Brothers Buy Houses a call. At 4 Brothers Buy Houses, we’ll purchase your property cash. We can provide you with a free, no obligation quote. That way, you can sell your property on your own timeline. No need to rush. No need to hire a real estate agent. And no need to create an online listing. Contact us today, we’re looking forward to helping you sell your home on your own terms.

June 24, 2020

What To Expect From The Real Estate Market For The Rest Of 2020

COVID-19 has changed the way that people buy homes. But it hasn’t changed the level of demand for properties. Because demand has remained high, housing prices have remained steady or even risen in some places. Many forecasters expect housing prices to drop during the fall or winter months if the pandemic has another spike and unemployment doesn’t improve. But the reopening hasn’t led to any major national issues thus far, and most analysts remain confident in the near term strength of the real estate market. There is some market uncertainty in the future, because the generous unemployment benefits from the federal government stimulus bill are set to run out at the end of the summer. 

Prices Are Expected To Rise In The Summer Months

During the summer months, most analysts believe that home prices are going to rise. That is in part because the country’s re-opening hasn’t hit many hiccups. The federal government’s stimulus plan put more money in Americans’ hands, especially with unemployment benefits giving those laid off due to COVID-19 up to $600 per week. The added stimulus and federal reserve actions have helped to boost the stock market as well. 

If COVID-19 Spikes During The Fall or Winter, Prices Could Drop

The problem is that if COVID-19 does spike during the fall or winter months, markets could face serious issues. Federal unemployment benefits run out at the end of the summer, and mortgage and rent deferrals passed by a number of states run out later in the fall. If unemployment doesn’t improve, and another stimulus bill isn’t passed, the stock market and the housing market could be in trouble. It is difficult to know if COVID-19 will spike in the winter months. But with more Americans indoors, and with the traditional flu season running concurrently, it is a possibility. 

We Still Don’t Know How High Unemployment Impacts The Future Numbers

At the end of the day, a lot of the real estate market’s success depends on employment numbers. If high unemployment persists over the next several years, then we would expect the real estate market to eventually run into trouble. But if employment numbers improve over the rest of this year and into the future, then the real estate market shouldn’t face many problems at all. 

Trying to find the right time to sell can be difficult. Timing the market is hard enough as it is, and adding in a pandemic to the equation just adds another level of complexity to the problem. If you want to sell your home without worrying about these issues, give 4 Brothers Buy Houses a call. We’ll come evaluate your property and give you a free, no obligation quote. You can sell your property on your own schedule, on a timeline that is comfortable for you.

January 21, 2016

Arlington VA Real Estate Market Expected To Remain Flat in 2016

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The Arlington VA Real Estate Market Expected to Remain Flat in 2016

The Arlington real estate market has been in a sideways trend over the last year and is expected to remain stagnant.  According to Zillow, current median property values in the area are $604,000, a decrease of 0.4% on the year, while 2016 is projected to bring a 0.2% increase in value.[i]  In addition, the average rental rates in Arlington are $2039, a decrease of $23 or 1.1% from six months ago.[ii]  The good news is that development is taking over center stage, as there are a number of real estate projects in motion.  What does this mean to homeowners, those looking to buy real estate, and those looking to move into Arlington in 2016?

Single Family Home Prices In Arlington

The shinning beacon of light throughout the Arlington real estate market is single-family homes, as they are in high demand.  3 BR single-family homes have increased in value 4.8% on the year to $732,500, while selling in an average of 1.79 months.[iii]  Those who are in a position to sell this type of housing should take action now, while there are plenty of buyers available.  On the other hand, those looking to purchase real estate in Arlington might want to consider holding off on purchasing single-family homes due to their hefty price.

Arlington Condos

Condos in Arlington have dropped in value 9.7% since November 2014 to a median price of $375,000.[iv] Those looking to purchase a condo in Arlington should take advantage of the opportunity they have available right now.  On the other hand, those looking to sell their condo may want to hold onto it for a while in hopes that their property value picks back up.

Rental Rates In Arlington

With rental rates at an average of $2039, real estate investors in the area are taking advantage of the market conditions.  Those who are considering renting property in Arlington should be able to capitalize on relatively stable rental rates in 2016, as the overall market isn’t expected to move significantly.

Developments In Arlington

There are a number of real estate developments in Arlington that were recently completed, including the Maxwell Apartments, The Beacon, Columbia Place, Pike 3400, The Shell, Clarendon Apartments, Verde Point, and The Arcadia.[v]  Since Arlington is bracing for a population boom, property values are likely to increase over the next 10 years.

Future Developments In Arlington

There are a large number of future development projects in Arlington that will likely support this real estate market over the long-term.   Since most of these projects are focused on the residential rental market, expect people to move into the area and improve the region economically.

Arlington Real Estate Market

Real estate values are likely to remain stable throughout 2016 and increase over the next ten years.  Overall the market is strong and is calling people into the area, allowing those who own or want to purchase real estate with an investment that carries very little risk.

References:

 

[i] Zillow, Inc. “Zillow”. Zillow. N.p., 2015. Web. 31 Dec. 2015.

[ii] Rentjungle.com,. “Average Rent In Arlington, Arlington Rent Trends And Rental Comps”. N.p., 2015. Web. 31 Dec. 2015.

[iii] Getsmartcharts.com,. “Home | Smartcharts”. N.p., 2015. Web. 31 Dec. 2015.

[iv] Getsmartcharts.com,. “Home | Smartcharts”. N.p., 2015. Web. 31 Dec. 2015.

[v] Arlingtoneconomicdevelopment.com,. N.p., 2015. Web. 31 Dec. 2015.

 

January 8, 2016

Washington D.C. Real Estate Market Indicators Stay Strong Into 2016

washington market data

Washington D.C. Real Estate Market Indicators Stay Strong Into 2016

The Washington D.C. real estate market has been on a steady climb since 2012, and 2016 appears to be more of the same. As 2015 came to a close, all real estate market parameters are inching up, suggesting that continued strength and price increases are on the horizon. Those who are considering purchasing real estate in Washington D.C. will face continued strong competition for property. Homeowners who are interested in selling real estate in the city should take advantage of the surge in sales activity and increase in property values as we head into the new year.

Increasing Sales Activity

According to market statistics, the numbers of closed sales in Washington D.C. in November 2015 were 8,603, up from the five-year November average of 7,937. In addition, the numbers of pending sales in November 2015 were 10,825, while the five-year average has been 9,548. This demonstrates that overall market is heating up throughout the metropolitan area, allowing sellers to connect with interested buyers.

Falling Real Estate Inventory Levels

Throughout Washington D.C., real estate inventory levels are dropping. As of November 2015, Washington D.C. had 4.1 months of supply, significantly less than the going five-year November average of 4.6 months. When a real estate market experiences falling inventory, there are either fewer sellers or more buyers taking properties off the market. In Washington D.C. buyer demand is heating up, while many homeowners are holding off on the sale, insisting on higher property values before listing their property on the market.

Increasing Median Sales Value

Since the amount of demand throughout Washington D.C. is greater than the supply, both the listing price and the median sales price are increasing throughout the city. Presently, Zillow has estimated that median property values are $500,300, a 7% increase over the year. According to Trulia, the median list price throughout Washington D.C. is $650,241, up 3.3% on the week and the median sales price is $510,000, up 5.2% from September. Over the course of 2016 alone, property values are expected to increase 3.1%, giving those who are interested in selling or buying real estate in Washington D.C plenty to consider.

Take Advantage Of The Washington D.C. Real Estate Market

Homeowners who are in a position to sell their house in Washington D.C. and are satisfied with their property values have every reason to take action now, as the market is favorable to them. Those who are looking to purchase real estate in Washington D.C. will face continued strong competition.